Ahead of its annual general meeting (AGM) later today, Plus500 has published a trading update, revealing that the strong performance achieved by the broker in the first six months of the year has continued in the second half.
In particular, Plus500 outlined this Wednesday that operational momentum has continued into H2 2020, allowing the broker to make ‘excellent progress’ across all of its key commercial and financial performance metrics.
To date, revenue, and more specifically customer income, has remained strong in the second half. This has been supported by a further increase in the broker’s active customer base.
According to the trading update, the London listed broker has onboarded a high level of new customers in the second half. The firm attributes this to investments made in its marketing technology, as well as its mobile and tablet offering.
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“Plus500 remains well placed to deliver sustainable future growth, given its proprietary technology, its flexible and scalable business model, its strong financial position and a track record of delivery against key performance metrics,” Plus500 said in its statement filed through the London Stock Exchange (LSE) today.
Whilst the Israel based broker does highlight that market conditions remain uncertain, the company’s Board remains confident in its outlook for Plus500, especially given the performance achieved so far this year.
Plus500 Share Buyback Continues
In addition to its trading update, Plus500 also revealed that it repurchased 33,500 of its own ordinary shares on 15th September 2020. The volume weighted average price paid per share was £14.87, meaning the broker spent around £498,268.95 for the latest batch of shares.
The lowest price paid per share by the broker on Tuesday was about £14.68 and the highest price paid per share by the firm was £15.00. Each of the ordinary shares were purchased through Credit Suisse Securities (Europe) Limited.